Matter Real Estate-backed developer-operator Untold Living is developing a 77-unit integrated retirement community in Newport, Shropshire, which recently achieved planning consent.

A £26.4 million loan has been provided by OakNorth Bank for the development, as well as to support the operations of Untold’s existing 68-unit Chantry Court site in Wiltshire

Russell Jewell, chief executive of Untold Living, said: “The UK’s retirement community sector is no longer in its infancy, but it still has many lessons to learn. Our approach has been to learn from best practice not only in the UK, but in countries such as the US and New Zealand, where the market is much more mature. As such, our focus has been on ensuring Untold Living’s developments have a thriving culture where residents are engaged, a low affordability barrier that democratises the product, and a flexible approach to amenities. We feel this is key to broadening access to the sector, which will ultimately reduce strain on the NHS, ease public finances, and enable our elderly citizens to live longer, more fulfilled lives.

Lucas Anglin, associate director of debt finance at OakNorth, added: “Under the stewardship of its strong management team led by Russell, Untold Living has quickly built-up an impressive reputation for operating and building high-quality retirement communities. With new retirement housing stock continuing to lag well behind the rapidly increasing demand, driven by the UK’s ageing population, Untold is in the perfect position to capitalise on these growing tailwinds. We look forward to strengthening our relationship with Russell moving forward and look forward to supporting Untold on more IRC projects in the future.”

 Alantra was exclusive financial advisor to Matter and Untold on the transaction.

Untold Living stated it is seeking to acquire other suitable sites and assets across the UK to expand its portfolio and is open to discussions with landowners, landlords and agents, targeting a gross development value of £300 million for its initial development pipeline.